Publicly traded Canadian company launches Cardano (ADA) staking service ๐จ This article is 3 years old...
Publicly traded Canadian company launches Cardano (ADA) staking service
The high-speed blockchainโs staking launch has proven to be widely popular.
2 min read
Updated: Jul. 24, 2022 at 11:47 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Canadian publicly-traded company iMining will now include Cardano (ADA) in the list of supported assets for its staking services, it said in a release today.
Cardano for institutions
iMining is a Toronto Stock Exchange-listed company focused on linking traditional capital markets with blockchain investment opportunities.ย
The company provides retail and institutional investors a safe and secure way to stake Ethereum 2.0 (through a wholly-owned subsidiary) using proprietary and secure proof of stake methods.
And now, Cardano will be on the list of supported assets.โThe Company currently focuses on Ethereum’s proof-of-stake concept; by adding Cardano staking to its host of services, iMining seeks to bolster its presence as a leading staking service in the crypto world,โ the firm said in its release.
The Cardano blockchain relies heavily on staking pools, whereas other blockchains like Ethereum depend on individual staking nodes. With Cardano, iMining will launch a staking pool helping ADA token holders to participate through a secure and reliable infrastructure.ย
“Instead of needing to purchase special equipment to compete for newly minted network tokens, users can easily delegate their funds through iMining’s stake pool,” noted Khurram Shroff, Chairman of the board of directors for iMining.
Shroff added, โAlso, with other digital assets, staking means you agree to lock up your tokens for a certain period, during which they cannot be spent. However, this is not the case with Cardano, making it an excellent option for those who would prefer flexibility but would still like to exercise the range of choices available to them in the crypto space.โ
ADA staking
Cardano has grown in favor among retail and institutional investors ahead of its smart contracts introduction.ย
It launched staking in August last year, allowing users to lock up their ADA to earn a percentage of network fees as they maintain the network and validate transactions.
As CryptoSlate previously reported, over 72% of all ADA wallets (as of March 2021) were staking the asset via various platforms, making it one of the most-staked tokens in the broader crypto market.ย
And seems like institutions can now get in on the game as well.
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Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.